Product heterogeneity in international terms of payment
研究了产品特征如何影响国际贸易中支付方式的选择，发现交易价值越高或产品越易变现，出口商越倾向选择信用证等安全支付方式，并用韩国出口数据验证了假设。
Abstract This study examines the effects of product characteristics on the choice of payment methods for international trade. I develop a theoretical model that leads to two new testable hypotheses. First, as the transaction value increases, exporters tend to choose safer payment methods, such as letters of credit, rather than post‐shipment payments. Second, if the products in the transaction are easily liquidated, exporters tend to choose safer payment terms. Product‐destination‐level export data from Korean exports declaration forms support both hypotheses. Furthermore, the results using these comprehensive data on tradable goods and countries generalize the findings of previous studies on country characteristics.